Market Update 5-27-20

Legacy Realty
Professionals, Inc.
May 27th Market Update

Many of our clients and friends are wondering about how the real estate market is doing since we were released from the Stay at Home Executive order. Since our local real estate market is not necessarily the same as the regional or national market; we thought it would be helpful to provide you with regular statistical updates and analysis to help you make financial decisions for your family. Fenton, Lake Fenton, and Linden School districts current market conditions are…

Active Homes for Sale
There are currently 196 homes on the market with an average asking price of $398,000. The number of available homes is up 7 homes over last week – or just under 4%.

Pending Home Sales
There are currently 137 pending home sales with an average asking price of $282,000. This number is up 15 homes from last week and the average asking price is up $2,000.

Year to Date Closed Home Sales
There have been 228 closed sales with an average sales price of $256,000. As anticipated, this is down significantly from the same period last year. There were 362 closed sales with an average sales price of $263,000 during the same time frame in 2019.

Market Analysis
Demand continues to be strong. Buyers are out in force and ready to make offers. However, they appear to be in greater numbers toward the affordable end of the scale. As housing becomes available under $200k, in general it is snapped up quickly with the sellers being able to choose from multiple offers. There are currently 8 homes actively available in this price range and 42 pending. If we look up to $300k there are 96 active and 97 pending. We also note with interest that so far this year there have been fewer than half the number of closed sales over $500k than during the same time last year – 10 versus 22. Although year to date closed sales are down by 37% year over year, the sellers at the affordable end will enjoy clear sailing for the foreseeable future. It is too early to know for certain but those in the higher price points may face some more challenging seas. For those considering selling, now is an excellent time. In our ongoing effort to help you plan for the future, we will be watching the market carefully and keep you posted.

Please feel free to reach out to a Legacy Professional with any real estate questions.

All data is from the East Central Association of Realtors